Are you churning out enough sales for your company? Meeting revenue targets successfully? Creating multiple customer relationships for long-term success of the company?
If your answer is negative, read on. We are going to take you on a trouble-shooting tour so that you can ace your sales goals and swerve the growth chart in the upward direction.
Selling your product involves a gamut of steps that constitutes your sales cycle. And this sales cycle is the heart of your company. It is the wind to the sails of your company’s future.
A sales cycle streamlines all sales processes so that your decisions are not in a mess; there is transparency throughout the cycle and you close deals at the right time.
Studies say that companies with a dedicated sales cycle register 18% more revenue growth than companies without one.
Now sales cycles vary from company to company. Here’s a clear picture of how sales cycles differ in B2B sales.
The above chart clearly depicts that 28.2% of companies took 4-6 months to close a deal while 18% of them took more than a year to close. Companies which closed deals in 1-3 months, retained maximum existing customers.
So, shorter the sales cycle, brighter will be the prospect of customer relationships which in turn will lead to higher sales.
Now, this is the Achilles heel, most companies have to endure in spite of having a reputation to boot. The problem is most sales managers use a different tactic to gain more sales figures.
Some give the sales reps utmost freedom to give freebies while others ask their executives to try closing right from the first call. And some use hi-tech CRM and work with product managers to automate the sales process.
Whatever may be the reason, if your sales cycle is not moving you forward, you are doomed.
So, to help you crack this code, we have curated some fool-proof ways. Here we go!
- Boost your lead generation: Having a pipeline full of leads will not help you achieve a good sales figure. It’s the quality of leads that matter. A collection of low-quality leads will take you forever to find the right information about the prospect. Instead, ask your sales reps to fish out high-quality leads from the mix. This will help you a great deal in making the next steps more efficient.
- Analyze data thoroughly: Tracking the performance of the leads is downright necessary to help you with your sales objective. For this, you need an advanced CRM module that will track your sales cycle and see how your lead is progressing with each step and a lot of other information. Ask your sales reps too about lead performance and whether they are missing any steps.
- Kill bottlenecks: It is a habit of sales reps to brush a problem under the carpet rather than take it head-on. This creates irreparable damage to a lead progression and contributes to an unnecessarily long sales cycle. So, if the process gets infected with some weak points, it’s your duty to take detailed information from your CRM and address those frailties.
- Learn which prospect to prioritize: Wasting time on a lead which has the least chance of materializing is akin to blasphemy. Figure out which customers are worth assigning a particular amount of time. Are they large clients? Do they buy regularly from you? This exercise will help your sales team zero in on the right prospect effectively.
- Automation is the key: When efficiency is what you are aiming for, there’s no ground for mistakes to happen. Automation is the only route to sales glory. With a good CRM system, you can automate every manual task including dialing, emailing, following up with clients, etc. making sales reps more efficient. This also saves a whale of a time and help you reach a good number of leads with less effort.
All in all, an efficient sales cycle is the need of the hour for sales structures across organizations. Do a rejig of your sales cycle if you are unable to achieve the right growth figures. Also, there’s no need to get overwhelmed about the perfect sales cycle. Take one step at a time and in a matter of months, you will enjoy some fantastic results.